TiRex hits monster hole in Albania
March 4, 2008
Greetings investors.
We got news yesterday from a popular BarkerLetter pick, TiRex Resources Ltd. (TXX.TSX-V), which has an active precious and base metals project in southeastern Europe (Albania to be precise).
I’ve said it before, and I’ll say it again - ‘ … ay caramba!’
The results of the first round of drilling at the Mirdita project are among the best set of polymetallic assays I have ever seen. They intersected one, almost continuous 65 metre (213 ft) mineralized section including:
0.9% Copper,
11.6% Zinc,
1.0% Lead,
141.6 grams per tonne silver
5.5 grams per tonne gold ………………………over 14.1 meters.
and …….
2.3% Copper,
34.8% Zinc,
2.4% Lead,
376.1 grams per tonne Silver,
14.6 grams per tonne Gold ………………………over 3.1 meters.
and ……….
0.8% Copper,
12.5% Zinc,
13.0 g/t Silver
2.2 g/t Gold ………………………………………….over 27.5 meters.
That’s not bad for just one hole!
Of special note is the very high grade mineralization (53.8% Zinc was encountered in one intercept of 0.8m) and significant gold values (such as the 14.6g/t Gold over 3.1 meters). Tirex hasn’t made a determination of true width but quotes an estimation from historic drill data of about 30 meters.
Tirex owns an entire district of projects there, comprising 17 known but only partially drilled deposits on the property. The company believes it has great potential for a zinc-rich deposit which was not mined because of a lack of facilities.
TiRex says the first hole at Koshaj was drilled vertically and was designed to verify the drill data from the 1970’s. Two additional vertical holes are being drilled nearby to verify the previous drill hole locations and the deposit, and report the results to NI43-101 standards.
The company is angle drilling the Mirdita District (the previous holes were vertical) to develop an updated interpretation of the geometry, orientation and potential size of known deposits and exploration targets, including Koshaj.
Tirex is a company purpose-built to explore and develop the large 344 square kilometer Mirdita Property in Albania. The property is readily accessible by paved and gravel roads and is located 70 km north of the capital city of Tirana.
The stock has zoomed from under $2 to pushing $4 per share in the past 30 days. I started following the company back in October at $1 per share. Now I’m developing a missionary type zeal for this project over there on the border with Greece and Turkey. TiRex is one of my prime candidates for a $20 stock, medium term.
Careful out there!
Kb
The BarkerLetter on March 4th 2008 in Commodity investing
Kooler responded on 05 Mar 2008 at 1:56 pm #
kb,
Please show us how you arrived at $20 stock, medium term.
Thank you very much.
OB responded on 05 Mar 2008 at 3:40 pm #
Could what’s going on in nearby Serbia/Kosovo have any short or long term effects on Tirex’s operations in Albania?
The BarkerLetter responded on 06 Mar 2008 at 4:46 am #
…$20 per share is not currently my projected valuation for TiRex, though I consider it a ‘candidate’. My write ups are not necessarily recommendations, just expressions of interest. Only my paid subscribers receive my actual buy recommendations. I’m only recommending three mining stocks this year, each with the potential for a +500% capital gain over 12 months. But I would never make such a recommendation on the strength of a single drill hole.
On the political risk front: there’s always a little exposure. I’m more concerned about anti mining legislation in the First World than insurgencies and revolutions in the Third. In any case I would not put the political risk in Albania up there with such dreadful places as Sierra Leone or Angola.
But to answer your question, yes I believe there is the potential for a spill over of unrest from those regions.
I will say though that I believe the country’s relative inexperience in dealing with foreign interests is an advantage for TiRex. Countries that have a lot of experience such as Peru (and now Ecuador) have a greater likelihood of over exploiting North American mining interests. In fact I believe some are already doing it.
Nope. I think Albania is relatively risk free …